Note 9 - Restructuring Charges

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

9.

  Restructuring Charges

In

April 2019,

the Board of Directors approved a plan (

“2019

Restructuring Program”) to reduce operating expenses as the Company evaluates its strategic alternatives following the release of top-line data from the PATENCY-

2

clinical trial of vonapanitase on

March 28, 2019.

The restructuring initiatives are company-wide. The remainder of the charges are expected to be incurred by the end of the fiscal year ending

December 31, 2019 (

“Fiscal Year

2019”

). These actions are expected to result in pre-tax charges of 

$2.9

million, all of which are anticipated to be cash expenditures and all of which were recorded in the

three

months ended

June 30, 2019.

Changes in the restructuring accrual during the

first

 

nine

months ended

September 30, 2019 

are summarized below (in thousands): 

	As of December 31, 2018		Charges/(Benefits)		Payment/Other			As of September 30, 2019
2019 Restructuring Program
Employee Severance	$	-	$	2,854	$	(1,834	)	$	1,020
Total	$	-	$	2,854	$	(1,834	)	$	1,020